Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Building Details

Year Built 1950

Listing Agency: Hegg, Realtors

Listed By: Amy Stockberger Real Estate Show Phone

Source: Findahomeinsiouxfalls

Added: Jul 26 Changed: Oct 15 Last Checked: Oct 14 at 11:07PM

Report an Issue

Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hegg, Realtors

Investment Insights

Based on property information with market context.

This 2,428-square-foot triplex, built in 1950, contains three separate units with a 3-bedroom, 1-bath residence, a 2-bedroom, 1-bath residence, and a 1-bedroom, 1-bath residence. The largest unit includes an attached garage and basement. Each residence has its own private entrance and washer and dryer, creating distinct living arrangements within the property.

Located at 404 W 1st Ave in Lennox, South Dakota, the property occupies a corner lot. Rent includes garbage service, snow removal, and lawn care. The unit mix provides three different residential configurations within one multifamily building.

Key Highlights

• Three‑unit property with 3BR‑1BA, 2BR‑1BA, and 1BR‑1BA residences
• 2,428 SF multifamily property built in 1950
• 3BR unit includes an attached garage and basement

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,451

Cap Rate

8.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$409,020 $409.0K

Cap Rate 7%

$292,157 $292.2K

Cap Rate 9%

$227,233 $227.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,428 SF

Gross rent

$30.6K $12.60/SF

− Vacancy

−$1.4K −$0.57/SF

EGI

$29.2K $12.03/SF

− OpEx

−$8.8K −$3.61/SF

NOI

$20.5K $8.42/SF

Area

Lincoln County, SD

Vacancy

4.50%

Lease Rate

$12.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$409,020

Cap Rate 7%

$292,157

Cap Rate 9%

$227,233

Alternative Uses

Best Use

Multifamily LT 5

$292.2K

$255.6K – $340.9K (±1% cap)

NOI $20,451 @ 7.0% cap · market cap 8.18%

Second Best

Apartment 5plus

$269.8K

$236.0K – $314.7K (±1% cap)

NOI $18,883 @ 7.0% cap · market cap 7.55%

Theoretical Best

Office A

$539.0K

$471.6K – $628.9K (±1% cap)

NOI $37,731 @ 7.0% cap · market cap 15.09%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Triplexes

Suggested Use

Top Pick Building Supply Law Firm (Bike/Boat/Book/etc) Store Big Box & Wholesale Store Pharmacy Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

186

Businesses Nearby

Explore this area Business Placement

Demographics for 57039, SD

3,717

Population

1,554

Households

2.4

Avg Household Size

40

Median Age

23%

College-Educated

92%

High-School Grad

91.9 sq mi

ZIP Area

40

Density / Sq Mi

$79,209

Median Household Income

$46,947

Median Earnings

$925

Median Rent

$242,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Similar For Sale Nearby

See more

5-Unit Apartment Building with Garage

511 -517 Main St S, Lennox, SD 57039

$299,900

4,372 SF

View details

Fenced Warehouse with Heated Space

412 South Pine Street, Lennox, SD 57039

$850,000

8,000 SF

View details

Frequently Asked Questions

What type of property is this?

Triplex - Triplex with varied unit sizes, private entrances, and in-unit laundry across a corner-lot setting.

Where is this triplex located?

The property is located at 404 W 1st Ave Lennox, SD.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: Three‑unit property with 3BR‑1BA, 2BR‑1BA, and 1BR‑1BA residences; 2,428 SF multifamily property built in 1950; 3BR unit includes an attached garage and basement